Press release
Smart Card Market Size Forecasted To Achieve $36.1 Billion By 2029 With Steady Growth
Smart Card
What Is the Smart Card Market Size and Projected Growth Rate?
Recent years have seen a robust growth in the smart card market size. The market is anticipated to expand from $22.75 billion in 2024 to $24.83 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. The considerable growth during the historic period is largely attributed to the increasing worries over cybersecurity, governmental programs, financial inclusion and the trend towards contactless payments.
The market size of smart cards is anticipated to witness significant expansion in the upcoming years, reaching a value of $36.1 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 9.8%. This anticipated rise in the forecast period can be credited to factors like advancements in wearable and mobile technology, biometric authentication, undertakings for smart cities, e-commerce and electronic transactions, and digital initiatives backed by government. Foreseen trends for the period in focus include expanding acceptance in the healthcare sector, incorporation of blockchain, environmentally-friendly and sustainable smart cards, and the rise of customization and personalization.
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What Are the Major Segments in the Smart Card Market?
The smart card market covered in this report is segmented -
1) By Type: Contact, Contactless, Hybrid, Dual-Interface
2) By Access: Physical, Logical
3) By Component: Memory-Based, Microcontroller-Based
4) By End Use: Government, Healthcare, Transportation, Telecommunication, Financial Services, Retail And Loyalty, Entertainment, Energy And Utility
Subsegments:
1) By Contact: Chip-Based Contact Cards, SIM Cards
2) By Contactless: RFID Cards, NFC Cards
3) By Hybrid: Multi-Application Cards, Cards With Mixed Functionalities
4) By Dual-Interface: Cards Supporting Both Contact And Contactless Communication
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What Are The Driving Smart Card Market Evolution?
The escalation in the requirement for contactless transactions is anticipated to substantially propel the expansion of the smart card market. The heightened practice of social distancing during the COVID_19 pandemic spurred a swift transition towards digitalization in every aspect. This dramatic growth in digitalization and e-commerce services led to an accelerated switch to contactless payments from various platforms. For instance, a report from Barclays plc, a England-based global bank, from February 2023 reveals a 49.7% surge in the Total Value of Contactless Payments in 2022, with the Average User conducting 220 transactions, an increase from 180 in 2021. Therefore, the rising demand for contactless payments is set to fuel the growth of the smart card market.
Which Firms Dominate The Smart Card Market Segments?
Major companies operating in the smart card market include CardLogix Corporation, CPI Card Group - Colorado Inc., Giesecke & Devrient GmbH, IDEMIA, Infineon Technologies AG, ABCorp Corporation, Bartronics India Limited, BrilliantTS. co. Ltd., Bundesdruckerei GmbH, CardCom Technology, Eastcompeace Smart Card Co. Ltd., HID Global Corporation, Identiv Inc., Ingenico SA, Intelcav Cartões Ltda., Inteligensa Group, Kona M Co. Ltd., NXP Semiconductors Austria GmbH Co. & KG, Perfect Plastic Printing Corp., Samsung Electronics Co. Ltd., Secura Key, Sony Corporation, Square Inc., Thales Group, Valid S. A., VeriFone Inc., Watchdata Technologies Ltd., Taglio LLC, Cardzgroup Ltd.
What Trends Are Expected to Dominate the Smart Card Market in the Next 5 Years?
The smart card market is increasingly influenced by technological advancements, a key trend that is catching on. Major players in this space are concentrating on offering cutting-edge products as a means of consolidating their market position. These companies are incorporating next-generation smart card technologies such as memory technology, RFID, NFC, integrated circuit, Bluetooth tag, Wi-Fi RTLS, and so on. These enhancements and features amplify the security, confidentiality, and convenience for users. For example, in January 2024, Advanced Card Systems Ltd. (ACS), a firm based in Hong Kong specialising in smart card technology, introduced the ACR40U Standard Contact Smart Card Reader and ACR40U Premium Contact Smart Card Reader. These are geared towards secure digital transactions and user authentication across a variety of applications. The ACR40U Standard Reader is particularly beneficial for financial transactions and is ideally suited for secure operations in ATMs as well as point-of-sale terminals. Moreover, it is effective in verifying users in access control systems and it finds use in multiple sectors including banking and government.
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Which Is The Largest Region In The Smart Card Market?
Asia-Pacific was the largest region in the smart card market in 2024. The regions covered in the smart card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Card Market?
2. What is the CAGR expected in the Smart Card Market?
3. What Are the Key Innovations Transforming the Smart Card Industry?
4. Which Region Is Leading the Smart Card Market?
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